Monday, September 26, 2022

Bitcoin price falls below $18,700 as interest rate rises in US

The Federal Reserve’s re-raising interest rate in the US has had an impact on the markets around the world. After this decision of the Fed, there was a huge fall in the US stock market. However, the crypto market has not suffered a major setback. The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen by about 0.73 percent in the past day. Its price on global exchanges was around $18,700. On Indian exchanges such as CoinDCX, it was down 1.57 per cent to around $20,211.

Bitcoin was trading at $18,693 on global exchanges such as CoinMarketCap, Coinbase and Binance. CoinGecko’s data This shows that the value of bitcoin has decreased by about 8 percent in the past week. Bitcoin touched a high of over $67,000 in November last year. Since then its price has come down significantly due to slowdown and some other reasons.

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The price of the second largest cryptocurrency, Ether, has also declined. It has decreased by more than 4 percent in the last one day. It was priced around $1,260 on global exchanges and $1,371 on Indian exchanges. Despite the upgrade of the Ethereum blockchain, its price is coming down. In this upgrade, Ethereum’s developers have re-coded its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). This is likely to greatly reduce the energy consumption of Ethereum. Gadgets 360’s cryptocurrency price tracker shows that most altcoins have declined over the past day. The market capitalization of crypto has also declined by more than 2 percent.

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Solana, Polygon, TRON, Monero, Chainlink and BNB have all suffered major losses in the past day. However, there was some upside in Avalanche and Cardano. Mimecoins Shiba Inu and Dogecoin also fell. Dogecoin was down about 2.73 percent at around $0.05. The Shiba Inu fell 1.03 percent and was at $ 0.0001010. CoinDCX’s research team told Gadgets 360: “The Federal Reserve continues its tough policy and raised interest rates for the third time in a row. This could help curb inflation. Inflation in the US exceeds 8 percent.” The target is to reduce it to 2 percent.

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Cryptocurrency prices in Indian exchanges

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